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'more than likely' ?

I found the sentence 'When your DLLs loads, it will more than likely need to initialize itself before it can do any work' which talks about programming. Is this sentence correct grammatically? As far as I know, the phrase 'more than likely' works as an adverb, we can replace it by only the adverb 'likely' with the intensity being more slightly. Is my knowledge about this problem right?
Thanks for spending your time solving my problem.